The Florida property insurance market is in dire straits. Several Florida-only insurers have failed in recent years and recent months, even though Florida has not been struck by a landfalling hurricane since 2018. Insurers with a national footprint are refraining from writing new Florida business, raising rates steeply or quitting the state. Citizens Property, the state-run insurer of last resort, has become the insurer of first resort for homeowners unable to obtain insurance elsewhere. R Street’s Jerry Theodorou and Insurance Analyst David Paul explore the root causes of the broken Florida insurance market and discuss solutions. With hurricane season officially beginning on June 1, and Florida reinsurance renewals also approaching, this is a timely discussion.


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